Economic Indicators

BASIC INDICATORS
GNP	Worth $ 400 billion (2006) (sixteenth biggest economy among 30 OECD countries with respect to GNP)
Growth rate	6.0% (2006, based on real GNP) By years 6.1% (2006, based on real GDP)
Population	73 million (2006-estimate)
GNP per capita	$ 5,477(2006) By years
Inflation rate (CPI)	9.7% (Dec 05-Dec 06) Monthly
Central Bank	Independent (since May 2001) (Main objective is to achieve and maintain price stability. ‘No lending to the Government’ is an important policy tool) Click here to see the Central Bank Law
Foreign exchange rates	YTL 1.2631 = $ 1 (September 13, 2007) YTL 1.7556 = € 1 YTL 2.5585= £ 1 Click here to see the update
Foreign exchange regime	Floating Exchange Rate Regime (Exchange rates are determined by demand and supply conditions. The Central Bank may hold auctions and intervene volatily)
Inflation targeting	Formal Inflation Targeting as of 2006 (Implicit inflation targeting before end-2005) (Main policy tool is short term interest rates, which are based only on inflation outlook)
Current account balance	$ -31.8 billion (2006)
Imports-in goods	$ 132.1 billion (2006)
Exports-in goods	$ 91.9 billion (2006)
Imports-in services	$ 11.1 billion (2006)
Exports-in services	$ 24.4 billion (2006)
Foreign trade balance (in goods & services)	$ -26.8 billion (2006)
Central Government revenues	YTL 171.3 billion (2006- provisional)
Central Government expenditures	YTL 175.3 billion (2006- provisional)
Central Government balance	YTL -3.9 billion (2006- provisional)
Central Government Primary Surplus	YTL 33.5 billion (2006- provisional)
Central Government deficit	0.7% of GNP (2006 - provisional)
Public Sector Primary Surplus (IMF Definition)	6.59% of GNP (2006 - estimate)
Public Net Debt Stock	44.8% of GNP (2006 - provisional)
Public Sector Net Debt	$ 183.4 billion (YTL 257.8 billion) (end-2006 - provisional)
Public Sector External Debt Stock (Gross)	$ 69.2 billion (YTL 97.3 billion) (end-2006 - provisional)
Public Sector Domestic Debt Stock (Gross)	$ 189.2 billion (YTL 265.9 billion) (end-2006 - provisional)
Central Government External Debt Stock	$ 66.6 billion (end-2006 - provisional)
Central Government Domestic Debt Stock	$ 178.9 billion (end-2006 - provisional)
International (net) reserves*	$ 63.2 billion (end-2006)
Central Bank Interest Rates	Borrowing      Lending    Overnight              17.25%          22.25% Late Liquidity        13.25%          25.25% (As of September 13, 2007) Click here to see the updates
Ratings (Long Term Foreign Currency)	Fitch Ratings:      BB- (Stable) ( Year="2005" Day="13" Month="1">May 10, 2007 ) Standard&Poors: BB- (Stable) ( Year="2004" Day="17" Month="8">Jun 27, 2006 ) JCR:                   BB- (Positive) ( Year="2004" Day="12" Month="3">Mar 10, 2005 ) Moody’s:             Ba3 (Stable) ( Year="2005" Day="11" Month="2">Dec 14, 2005 )
Ratings (Long Term YTL)	Fitch Ratings:      BB- (Stable) (May Year="2004" Day="2" Month="2"> 10, 2007 ) Standard&Poors: BB (Stable) ( Year="2004" Day="17" Month="8">Jun 27, 2006 ) JCR:                   BB- (Positive) ( Year="2004" Day="12" Month="3">Mar 10, 2005 ) Moody’s:             Ba3 (Stable) ( Year="2005" Day="11" Month="2">Dec 14, 2005 )
Population aged 15 and over	51.7 million (2006) (about 71% of total population)
Civilian Labour Force	24.8 million (2006)
Civilian Employment	22.3 million (2006)
Civilian Unemployment rate	9.9% (2006)
(*) International Reserves=Central Bank’s “Gross Reserves + Gold - Overdrafts” + Banks’ “Net Reserves” (**) $: US Dollars